Indebted developers are cutting staff as they slow work on existing projects and postpone new buildings until they clear a backlog of 700,000 unsold homes.
The stock markets witnessed a bloodbath on Monday with the benchmark BSE Sensex crashing over 1,500 points, biggest in seven and a half years, amid a global rout.
The RBI Governor said that turmoil in currency market has been long-coming and China is only the last step in it.
Here is a look at what comes next for Greece and what the elections mean for the bailout, the 86 billion euro ($95 billion) package of loans that is keeping the country solvent and part of Europe’s joint currency, the euro.
“The AP shah committee had recommended giving relief to FIIs from MAT. The government is favourably considering it,” the official added.
The Southeast Asian country’s tourism industry has expanded strongly over recent years, driven by rising numbers of Chinese tourists, which has helped offset the drag on growth from a decade of political instability.
The yuan’s value declined 1.9 percent on Tuesday, its biggest one-day drop in a decade, and dropped a further 1.6 percent on Wednesday.
While the Sensex at the BSE was trading around 200 points lower at below 28,000 mark, several India companies that are impacted by Chinese exports are under pressure too.
“An agreement has been reached. Some minor details are being discussed right now,” a Finance Ministry official told reporters after marathon overnight talks between Greece and lenders in Athens.
The advice to Greece from economists is simple: focus on the basics.
The retail inflation measured in terms of Consumer Price Index (CPI) was at 5.01 per cent in May. The rate of price rise was at 6.77 per cent in June last year.
But India’s GDP growth rate is still expected to surpass China’s this year for first time since 1999.
With an expected growth of 7.5 per cent this year, India is, for the first time, leading the World Bank’s growth chart of major economies,” said Kaushik Basu.
Kher said industry will have to become globally competitive without the support of ‘subsidies and doles.
The government is committed to keep inflation below 5 per cent.